Mumbai-based software player and white-label ATM operator Vakrangee Ltd on Tuesday (September 12) said it's acquiring an additional 8.8 percent equity stake in Vortex Engineering Private Ltd (Vortex) from private equity investor International Finance Corporation.

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This is in addition to the earlier acquisition of 48.5 percent from Aavishkaar Capital, according to a stock exchange filing.

Through this acquisition Vakrangee will have a cumulative shareholding of 57.3 percent (48.5 percent from Aavishkaar Capital & 8.8 percent from International Finance Corporation), thereby achieving backward integration which would benefit from better operational controls & scalability.

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Dinesh Nandwana, managing director and group CEO of Vakrangee, said this is a strategic investment that will help the company to have a complete backward integration in place, thereby unlocking future growth opportunities, and leveraging the cost synergies and technology know-how.

Vortex Engineering is an innovative and leading provider of Automated Teller Machines (ATMs) and multi-vendor ATM management software products. Currently, Vakrangee is the fourth largest ATM operator in rural India with 6,373 ATMs and the plan is to set up 15,000 ATMs.

Shares of Vakrangee Ltd ended at Rs 16.79, down by Rs 1.17, or 6.51 percent on the BSE.

(Edited by : Sudarsanan Mani)